Renewable Energy Market Size 2017 and Industry Estimated to Rise Profitably with CAGR 20% during Forecast Period 2017-2027

“Global Renewable Energy Market”
Global Renewable Energy Market Information Report by Type (Solar Energy, Wind Energy, geothermal Energy, Bio Energy, hydropower Energy and others), by Application(Automotive, Construction, Transportation and chemical & Petrol chemical among others), by end user (Residential, Commercial and Industrial) and by Region – Forecast to 2027

Prominent Players

Vestas Wind Systems, Calpine Corporation, Enel Green Power, Suzlon Energy Ltd., GE Energy, Siemens, Enercon., Pelamis Wave Power and Yingli Solar are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global renewable energy market.

Renewable Energy Global Market – Overview

The Global Renewable Energy Market has witnessed a remarkable growth in the past few years and it has been anticipated that the renewable energy will grow at the rapid pace during the forecast period. In 2016, world saw several developments and ongoing trends that all have a bearing on renewable energy, including the continuation of comparatively low global fossil fuel prices, dramatic price declines of several renewable energy technologies, and a continued increase in attention to energy storage. It was observed for the third consecutive year, global energy-related carbon dioxide emissions from fossil fuels and industry were nearly flat in 2016, due largely declining coal use worldwide but also due to improvements in energy efficiency and to increasing use of renewable energy. As of 2015, renewable provided an estimated 19.3% of global final energy consumption, and growth in capacity and production continued in 2016. The power sector experienced the greatest increases in renewable energy capacity in 2016, whereas the growth of renewables in the heating and cooling and transport sectors was comparatively slow. As per the study conducted by Market Research Future, the global market for renewable energy is likely to grow at the CAGR of around 20%.

Most new renewable energy capacity is installed in developing countries, and largely in China, the single largest developer of renewable power and heat over the past eight years. In 2016, renewable energy spread to a growing number of developing and emerging economies, some of which have become important markets. The renewable energy sector employed 9.8 million people in 2016, an increase of 1.1% over 2015. By technology, solar PV and biofuels provided the largest numbers of jobs. Employment shifted further towards Asia, which accounted for 62% of all renewable energy jobs (not including large-scale hydropower), led by China. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced. The tremendous yearly addition in capacity of renewable energy is certainly boosting the renewable energy globally. The development of community renewable energy projects continued in 2016, but the pace of growth in some countries is in decline. In a new trend, such projects have begun to expand into energy retailing (supply), storage and demand-side management. Government policy at all levels remained important for renewable energy developments. The 2015 Paris Agreement of the United Nations Framework Convention on Climate Change (UNFCCC) formally entered into force at the 22nd Conference of the Parties (COP22) in November 2016. However, renewable energy markets were affected only indirectly during the year. A number of governments implemented new renewable energy targets, and several cities established new commitments to 100% renewable energy. Despite the importance of the heat and transport sectors to energy demand and global emissions, policy makers focused predominantly on the power sector.

The global renewable energy market is regionally divided into Europe, Asia Pacific, North America, and Rest of the World. At present, the global market for renewable energy is dominated by Asia Pacific owing to the mandates issued by governments of many nations for minimizing the emissions of greenhouse gas. Europe is predicted to be the second largest market for renewable energy owing to the advancement in the technology and the availability of new forms of energy across the region. Ocean energy and offshore wind energy are two of the forms of renewable energy sources in Europe.

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Industry News

In November, 2017 – GE Renewable Energy announced that it has now installed more than 60 gigawatts worth of onshore wind energy capacity across the globe, made up of over 35,000 wind turbines in 36 countries. GE Renewable Energy has now installed enough onshore wind energy capacity to power the equivalent of more than 15 million residential homes.

In November, 2017 – Enel Green Power North America completed construction of the 300 MW Rock Creek Wind Farm in Atchison County, Missouri. Rock Creek will produce enough energy to power approximately 100,000 Missouri homes and marks EGP-NA’s first project in the state.

In June, 2017 – Yingli Green Energy Holding Company Ltd. (NYSE: YGE), one of the world’s leading solar panel manufacturers, announced that, Tempress Systems B.V., part of the Amtech Group celebrated the opening of Europe’s largest bifacial PV solar plant of close to 400 kilowatt-peak (kWp) capacity in the Netherlands, using n-type PANDA Bifacial modules manufactured by Yingli Solar. The plant is located next to the headquarters of Tempress in Vaassen, The Netherlands.

In January, 2016 – Calpine Corporation (NYSE:CPN) announced acquisition of Noble Americas Energy Solutions, LLC (“Noble Solutions”), the nation’s largest independent supplier of power to commercial and industrial retail customers.

Renewable Energy Global Market – Segmentation

The scope of global renewable energy market is segmented into two major segments which are explained below:

  • By Type
    • Solar Energy
    • Wind Energy
    • Geothermal Energy
    • Bio Energy
    • Hydropower Energy
    • Others
  • By Application       
    • Automotive
    • Construction
    • Transportation
    • Chemical & Petrol-Chemical
  • By End-User          
    • Residential
    • Commercial 
    • Industrial

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Renewable Energy Global Market – Competitive Analysis

The global market for renewable energy seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D, collaborating with EPC contractors and, most of all, in acquiring other firms.

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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